1. India and US sign Investment Incentive Agreement in Tokyo
Tags: International Relations International News
Prime Minister Narendra Modi and US President Joe Biden on May 24 signed an Investment Incentive Agreement in Tokyo.
It is expected that the signing of this agreement will increase the investment support provided by the Development Finance Corporation in India which will help in the development of the country.
Various proposals worth $4 billion are being considered by the corporation to provide investment support in India.
The corporation has provided investment support in areas such as COVID-19 vaccine manufacturing, health care financing, renewable energy, financial inclusion and infrastructure.
The corporation or its predecessor agencies have been active in India since 1974 and have provided investment assistance of $5.8 billion to till date.
This incentive agreement will replace the earlier agreement signed between India and the US in 1997.
2. India joins Biden’s new trade initiative for Indo-Pacific
Tags: International Relations International News
US President Joe Biden launched the Indo-Pacific Economic Framework for Prosperity (IPEF) along with 12 initial partners in Tokyo on May 23.
The initial partner countries are India, Australia, Japan, Brunei, Indonesia, Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand and Vietnam.
These 13 countries together represent 40% of the world's GDP.
About IPEF initiative
It is expected to focus on four main pillars including trade, supply chain resilience, clean energy and decarbonisation, and taxes and anti-corruption measures.
The group includes seven of the 10 members of the Association of SouthEast Asian Nations (ASEAN) and all four Quad countries and New Zealand.
India will work closely with other IPEF countries to build an inclusive and resilient Indo-Pacific Economic Framework.
The main roles of the IPEF in the Indo-Pacific will be to set and adhere to standards for the digital economy and cross-border data flows and data localization.
About Indo-Pacific
It covers half of the world's population and more than 60 percent of the global GDP.
It is a geopolitical region that spans two regions of the Indian Ocean and the Pacific Ocean.
Extending from the west coast of the United States of America to the west coast of India, the Indo-Pacific is a regional structure of 24 countries.
It includes the tropical waters of the Indian Ocean, western and central Pacific Ocean.
3. Indian Embassy in Ukraine to resume its operation in Kyiv from May 17
Tags: International Relations
India announced on 13 May that its embassy in Ukraine would resume its operations from the Ukrainian capital Kyiv from 17 May.
The embassy was temporarily operating from Warsaw in Poland since mid-March.
Several Western countries have also decided to resume the operation of the embassy from Kyiv.
India had decided to temporarily relocate the embassy to Poland in view of the rapidly deteriorating security situation in the war-torn country.
The Russian military was on offensive around Kyiv.
India has moved the embassy after repatriating over 20,000 of its Indian nationals from across Ukraine as part of its mission 'Operation Ganga' launched on February 26 in the wake of the war in Ukraine.
About embassy
An embassy is the base for a country’s diplomatic mission abroad – meaning all of the political, cultural and social relationships between the states.
There is only one embassy for one country in another, this is where the country's ambassador works.
One of the roles of embassies and consulates is to provide assistance to their national citizens abroad.
A consulate is where consular services are performed.
Embassies generally have a consular section.
4. Ministry of Skill Development signs MoU with ISRO to start Training Program
Tags: International Relations
The Ministry of Skill Development and Entrepreneurship (MSDE) has recently signed a Memorandum of Understanding (MoU) to launch its training program aimed at augmenting the technical workforce in the Department of Space, ISRO.
The MoU was signed by Shri Rajesh Agarwal, Secretary, Ministry of Skill Development and Shri S Somnath, Chairman, ISRO.
The objective of this initiative is to establish a formal framework for short-term courses to provide training for skill development and capacity building of ISRO technical professionals in the space sector in the country as per the requirements of the industry.
The training will take place at MSDE's National Skill Training Institutes (NSTIs) across India.
About Indian Space Research Organisation (ISRO) -
Established - 15 August 1969
Headquarters- Bangalore, Karnataka
Motto- Space Technology in the Service of Mankind
Director- S Somnath
5. India, Oman to hold meeting to boost economic ties
Tags: International Relations
The commerce and industry ministers of India and Oman will meet on May 11 to discuss ways to further boost economic ties between the two countries.
The 48-member delegation will include senior officials and business representatives from health, pharmaceuticals, mining, tourism, energy, shipping, telecommunications and real estate.
During the visit, senior officials from both sides will participate in the 10th session of the India-Oman Joint Commission Meeting (JCM) to be held on May 11.
The meeting will be co-chaired by Commerce and Industry Minister Piyush Goyal and his Omani counterpart.
The India-Oman Joint Business Council (JBC) meeting will be organised jointly by FICCI and Oman Chamber of Commerce and Industry on May 12.
Bilateral trade between India and Oman
Bilateral trade between the two countries has grown by 82 percent to $9.94 billion in 2021-22.
Major items of Indian exports to Oman - mineral fuels, textiles, machinery, electrical items, chemicals, iron and steel, tea, coffee, spices, rice, meat products and seafood.
Major import items from Oman to India - urea, LNG, polypropylene, lubricating oil, dates and chromite ore.
Various Indian financial institutions and PSUs have a presence in Oman.
Military exercises
Army exercise between both countries : Al Najah
Air Force exercise between both countries : Eastern Bridge
Naval Exercise between both countries : Naseem Al Bahr
About Oman
It is a country in Western Asia.
It is located on the southeast coast of the Arabian Peninsula, and extends to the mouth of the Persian Gulf.
Oman shares land borders with Saudi Arabia, the United Arab Emirates, and Yemen
It shares maritime borders with Iran and Pakistan.
Capital - Muscat
currency - omani rial
president - Haitham bin Tariq Al Said
6. France pulls out from India's P-75I Project
Tags: National International Relations Defence
Ahead of Modi's scheduled visit to France, French defence major Naval Group has announced that it is unable to participate in the P-75 India (P-75I) project, which seeks to build six conventional submarines in India for the Indian Navy.
Why did France pull out?
The French firm pulled out of the project as it could not fulfil the conditions of the Request for Proposal (RFI) placed by the Indian Navy.
Request for Proposal (RFP) requires that the fuel cell be AIP Sea Proven, which is difficult for India as the French Navy does not use such a propulsion system.
AIP refers to Air-Independent Propulsion.
AIP technology allows a conventional submarine to remain submerged for much longer than ordinary diesel-electric submarines.
India wants AIP technology as none of its existing ships have it while Pakistan and China both have AIP-equipped submarines.
What is Project 75?
In June 1999, the Cabinet Committee on Security had approved a plan for the Indian Navy to indigenously build submarines by 2030.
Under the first phase of the P-75 in 2005, India and France signed a $3.75 billion contract to build six Scorpene-class submarines.
The executing company on the Indian side was Mazagon Docks Limited, and on the French side was DCNS, now called Naval Group.
The first submarine under the project was commissioned in December 2017.
Thereafter, another five were built and on 20 April, INS Vagsheer was launched which will be commissioned by 2023.
What is P-75I?
The Project 75I-class submarine is a follow-up to the Project 75 Kalvari-class submarine for the Indian Navy.
In the late 1990s, at the time of the Kargil War, a three-decade plan for indigenous construction of submarines took shape.
This is known as Project 75 and Project 75I, two separate series of submarine building lines in collaboration with foreign entities.
Under this project, the Indian Navy intends to acquire six diesel-electric submarines, which will also include advanced air-independent propulsion systems.
7. India and Germany ink agreement for cooperation in agro-ecology
Tags: International Relations Latest
India and Germany agreed to sign a Joint Declaration on Agro-Ecology and Sustainable Management of Natural Resources in the Agriculture Sector.
A declaration in this regard was signed by India's Agriculture Minister Narendra Singh Tomar and Germany's Economic Cooperation and Development Minister Svenja Schulz in a virtual meeting.
Through this MoU, both the countries have agreed to promote joint research, knowledge sharing and innovation between academic institutions and agricultural people including farmers.
Under this agreement, Germany will provide coordinated support to India for this initiative by supporting the agro-ecosystem transformation process through the Technical Cooperation Project.
Under this initiative, Germany's Ministry of Economic Cooperation and Development intends to provide 300 million euros by the year 2025 to provide financial and technical support to the projects.
About Germany
Germany is a country located in the continent of Europe.
Capital - Berlin
President- Frank Walter Steinmeier
Currency - euro
Chancellor- Olaf Schultz
8. India, Germany signs joint declaration of Intent on Forest Landscape Restoration
Tags: National International Relations
India and Germany have signed a Joint Declaration of Intent on Forest Landscape Restoration.
The joint declaration was signed between Environment, Forest and Climate Change Minister Bhupender Yadav and Germany's Minister of Environment and Nature Conservation Steffi Lemke.
The Joint Declaration will provide a platform to further enhance partnership and support in areas such as climate protection and conservation of biodiversity.
This will also help in strengthening Indo-German cooperation.
The joint declaration will enable the two countries to successfully partner with each other and expand bilateral cooperation in the areas of forest landscape restoration, environment and climate change.
About Forest Landscape Restoration
It is an ongoing process of regaining ecological functionality and enhancing human well-being in deforestation or degraded forest landscapes.
It is much more than just planting trees – it is restoring entire landscapes to meet current and future needs and for many benefits and land uses over time.
This manifests through various processes such as: new plantations, managed natural regeneration, agroforestry, or better land management to accommodate the land use mosaic, including agriculture, protected wildlife reserves, managed plantations, riverside plantings, etc.
9. India, Germany sign agreement on green hydrogen TaskForce
Tags: National International Relations Popular
India and Germany agreed to form a task force on green hydrogen. Both the countries have signed a joint declaration in this regard.
The Joint Declaration was signed by the Union Minister of Power and New and Renewable Energy RK Singh and Germany's Minister of Economic Affairs and Climate Change Robert Habeck in a virtual way.
India has emerged as a global leader in energy transformation. India is at the forefront of the growth of renewable energy capacity in the world.
India has a transparent bidding system, an open market, an accelerated dispute resolution system, and is globally regarded as one of the most attractive destinations for investment in Renewable Energy (RE).
India has launched the National Green Hydrogen Mission with the goal of making the country a global hub for green hydrogen production and export.
Trading in Green Hydrogen and/or its derivatives such as Green Ammonia/Green Methanol will form the cornerstone of the cooperation.
Institutional cooperation in joint research, lighthouse projects, innovation clusters and hydrogen hubs will catalyze synergistic efforts of the two countries.
Capacity of India in renewable energy sector
India currently ranks fourth in renewable energy capacity globally.
India will add 500 GW of non-fossil fuel capacity by 2030.
Presently the renewable energy capacity in India is 136 GW, which is 36% of the total energy capacity in India.
Solar and wind energy are the main sources of renewable energy.
Other alternatives such as biomass energy, methanol-based blending and hydrogen are considered the fuel of the future.
10. Sheikh Hasina offered Chittagong port to India
Tags: International Relations Popular National News
In a major development in India-Bangladesh ties, India has now gained significant access to the Chittagong port after it was offered to India by Bangladeshi Prime Minister Sheikh Hasina.
About Chittagong Port
The Chittagong Port is the major seaport of Bangladesh.
It is situated in the port city of Chittagong and on the banks of river Karnaphuli.
Due to the sea port's proximity to the North-East Indian states, it has the potential to boost economic activity in the North-East Indian states, providing access to global shipping lanes.
In the year 2010, India and Bangladesh signed a Memorandum of Understanding (MoU) to allow the use of Chittagong and Mongla ports in Bangladesh for movement of goods to and from India.
In 2018, the Bangladesh cabinet approved a proposed agreement with New Delhi to allow the use of the two ports for the transport of goods.
The port handles eighty percent of Bangladesh's export-import trade, and is used for transshipment by Bhutan, Nepal and India.
Chittagong port is being developed and modernised with Chinese investment.
Benefits for India
An additional connectivity route which is economical and environment friendly.
States like Assam, Meghalaya and Tripura get access to a port for transportation of goods.
Promote multi-modal connectivity between India and Bangladesh.
Important route for India to reach Southeast Asia, East Asia and beyond.
